Bill Text: NY S00866 | 2009-2010 | General Assembly | Introduced
Bill Title: Makes technical corrections to the conservation easement tax credit.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S00866 Detail]
Download: New_York-2009-S00866-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
866
2009-2010 Regular Sessions
I N S E N A T E
January 21, 2009
___________
Introduced by Sen. MARCELLINO -- read twice and ordered printed, and
when printed to be committed to the Committee on Investigations and
Government Operations
AN ACT to amend the tax law, in relation to making technical corrections
to the conservation easement tax credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Paragraph 1 of subsection (kk) of section 606 of the tax
2 law, as added by section 1 of part F of chapter 62 of the laws of 2006,
3 is amended to read as follows:
4 (1) Credit allowed. In the case of a taxpayer who owns land that is
5 subject to a conservation easement held by a public or private conserva-
6 tion agency, there shall be allowed a credit for twenty-five percent of
7 the [allowable school district, county and town] real property taxes
8 PAID on [such] THE land, OR PORTION OF THE LAND, SUBJECT TO THE
9 EASEMENT. In no event shall the credit allowed under this subsection in
10 combination with any other credit for [such school district, county and
11 town] real property taxes under this section exceed such taxes.
12 S 2. Subdivision 38 of section 210 of the tax law, as added by section
13 3 of part F of chapter 62 of the laws of 2006, is renumbered subdivision
14 41 and is amended to read as follows:
15 41. Conservation easement tax credit. (1) Credit allowed. In the case
16 of a taxpayer who owns land that is subject to a conservation easement
17 held by a public or private conservation agency, there shall be allowed
18 a credit for twenty-five percent of the [allowable school district,
19 county and town] real property taxes PAID on [such] THE land, OR PORTION
20 OF THE LAND, SUBJECT TO THE EASEMENT. In no such case shall the credit
21 allowed under this subdivision in combination with any other credit for
22 [such school district, county and town] real property taxes under this
23 section exceed such taxes.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02873-01-9
S. 866 2
1 (2) Conservation easement. For purposes of this subdivision, the term
2 "conservation easement" means a perpetual and permanent conservation
3 easement as defined in article forty-nine of the environmental conserva-
4 tion law that serves to protect open space, scenic, natural resources,
5 biodiversity, agricultural, watershed and/or historic preservation
6 resources. Any conservation easement for which a tax credit is claimed
7 under this subdivision shall be filed with the department of environ-
8 mental conservation, as provided for in article forty-nine of the envi-
9 ronmental conservation law and such conservation easement shall comply
10 with the provisions of title three of such article, and the provisions
11 of subdivision (h) of section 170 of the internal revenue code. Dedi-
12 cations of land for open space through the execution of conservation
13 easements for the purpose of fulfilling density requirements to obtain
14 subdivision or building permits shall not be considered a conservation
15 easement under this subdivision.
16 (3) Land. For purposes of this subdivision, the term "land" means a
17 fee simple title to real property located in this state, with or without
18 improvements thereon; rights of way; water and riparian rights; ease-
19 ments; privileges and all other rights or interests of any land or
20 description in, relating to or connected with real property, excluding
21 buildings, structures, or improvements.
22 (4) Public or private conservation agency. For purposes of this subdi-
23 vision, the term "public or private conservation agency" means any
24 state, local, or federal governmental body; or any private not-for-pro-
25 fit charitable corporation or trust which is authorized to do business
26 in the state of New York, is organized and operated to protect land for
27 natural resources, conservation or historic preservation purposes, is
28 exempt from federal income taxation under section 501(c)(3) of the
29 internal revenue code, and has the power to acquire, hold and maintain
30 land and/or interests in land for such purposes.
31 (5) Credit limitation. The amount of the credit that may be claimed by
32 a taxpayer pursuant to this subsection shall not exceed five thousand
33 dollars in any given year.
34 (6) Application of the credit. The credit allowed under this subdivi-
35 sion for any taxable year shall not reduce the tax due for such year to
36 less than the higher of the amounts prescribed in paragraphs (c) and (d)
37 of subdivision one of this section. However, if the amount of the credit
38 allowed under this subdivision for any taxable year reduces the tax to
39 such amount, any amount of the credit thus not deductible in such taxa-
40 ble year shall be treated as an overpayment of tax to be credited or
41 refunded in accordance with the provisions of subsection (c) of section
42 [ten hundred] ONE THOUSAND eighty-eight of this chapter, except that, no
43 interest shall be paid thereon.
44 S 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
45 of the tax law, as amended by section 2 of part ZZ-1 of chapter 57 of
46 the laws of 2008, is amended to read as follows:
47 (B) shall be treated as the owner of a new business with respect to
48 such share if the corporation qualifies as a new business pursuant to
49 paragraph (j) of subdivision twelve of section two hundred ten of this
50 chapter.
51 The corporation's credit base under
52 section two hundred ten or section
53 With respect to the following fourteen hundred fifty-six of this
54 credit under this section: chapter is:
S. 866 3
1 Investment tax credit Investment credit base
2 under subsection (a) or qualified
3 rehabilitation
4 expenditures under
5 subdivision twelve of
6 section two hundred ten
7 Empire zone Cost or other basis
8 investment tax credit under subdivision
9 under subsection (j) twelve-B
10 of section two hundred
11 ten
12 Empire zone Eligible wages under
13 wage tax credit subdivision nineteen of
14 under subsection (k) section two hundred ten
15 or subsection (e) of
16 section fourteen hundred
17 fifty-six
18 Empire zone Qualified investments
19 capital tax credit and contributions under
20 under subsection (l) subdivision twenty of
21 section two hundred ten
22 or subsection (d) of
23 section fourteen hundred
24 fifty-six
25 Agricultural property tax Allowable school
26 credit under subsection (n) district property taxes under
27 subdivision twenty-two of
28 section two hundred ten
29 Credit for employment Qualified first-year wages or
30 of persons with dis- qualified second-year wages
31 abilities under under subdivision
32 subsection (o) twenty-three of section
33 two hundred ten
34 or subsection (f)
35 of section fourteen
36 hundred fifty-six
37 Employment incentive Applicable investment credit
38 credit under subsec- base under subdivision
39 tion (a-1) twelve-D of section two
40 hundred ten
41 Empire zone Applicable investment
42 employment credit under sub-
43 incentive credit under division twelve-C
44 subsection (j-1) of section two hundred ten
45 Alternative fuels credit Cost under subdivision
46 under subsection (p) twenty-four of section two
47 hundred ten
S. 866 4
1 Qualified emerging Applicable credit base
2 technology company under subdivision twelve-E
3 employment credit of section two hundred ten
4 under subsection (q)
5 Qualified emerging Qualified investments under
6 technology company subdivision twelve-F of
7 capital tax credit section two hundred ten
8 under subsection (r)
9 Credit for purchase of an Cost of an automated
10 automated external defibrillator external defibrillator under
11 under subsection (s) subdivision twenty-five of
12 section two hundred ten
13 or subsection (j) of section
14 fourteen hundred fifty-six
15 Low-income housing Credit amount under
16 credit under subsection (x) subdivision thirty
17 of section two hundred ten or
18 subsection (l) of section
19 fourteen hundred fifty-six
20 Credit for transportation Amount of credit under sub-
21 improvement contributions division thirty-two of section
22 under subsection (z) two hundred ten or subsection
23 (n) of section fourteen
24 hundred fifty-six
25 QEZE credit for real property Amount of credit under
26 taxes under subsection (bb) subdivision twenty-seven of
27 section two hundred ten or
28 subsection (o) of section
29 fourteen hundred fifty-six
30 QEZE tax reduction credit Amount of benefit period
31 under subsection (cc) factor, employment increase factor
32 and zone allocation
33 factor (without regard
34 to pro ration) under
35 subdivision twenty-eight of
36 section two hundred ten or
37 subsection (p) of section
38 fourteen hundred fifty-six
39 and amount of tax factor
40 as determined under
41 subdivision (f) of section sixteen
42 Green building credit Amount of green building credit
43 under subsection (y) under subdivision thirty-one
44 of section two hundred ten
45 or subsection (m) of section
46 fourteen hundred fifty-six
S. 866 5
1 Credit for long-term Qualified costs under
2 care insurance premiums subdivision twenty-five-a of
3 under subsection (aa) section two hundred ten
4 or subsection (k) of section
5 fourteen hundred fifty-six
6 Brownfield redevelopment Amount of credit
7 credit under subsection under subdivision
8 (dd) thirty-three of section
9 two hundred ten
10 or subsection (q) of
11 section fourteen hundred
12 fifty-six
13 Remediated brownfield Amount of credit under
14 credit for real property subdivision thirty-four
15 taxes for qualified of section two hundred
16 sites under subsection ten or subsection (r) of
17 (ee) section fourteen hundred
18 fifty-six
19 Environmental Amount of credit under
20 remediation subdivision thirty-five of
21 insurance credit under section two hundred
22 subsection (ff) ten or subsection
23 (s) of section
24 fourteen hundred
25 fifty-six
26 Empire state film production Amount of credit for qualified
27 credit under subsection (gg) production costs in production
28 of a qualified film under
29 subdivision thirty-six of
30 section two hundred ten
31 Qualified emerging Qualifying expenditures and
32 technology company facilities, development activities under
33 operations and training credit subdivision twelve-G of section
34 under subsection (nn) two hundred ten
35 Security training tax Amount of credit
36 credit under under subdivision thirty-seven
37 subsection (ii) of section two hundred ten or
38 under subsection (t) of
39 section fourteen hundred fifty-six
40 Credit for qualified fuel Amount of credit under
41 cell electric generating equipment subdivision thirty-seven
42 expenditures under subsection (g-2) of section two hundred ten
43 or subsection (t) of
44 section fourteen hundred
45 fifty-six
46 Empire state commercial production Amount of credit for qualified
47 credit under subsection (jj) production costs in production
48 of a qualified commercial under
S. 866 6
1 subdivision thirty-eight of sec-
2 tion two hundred ten
3 Biofuel production Amount of credit
4 tax credit under under subdivision
5 subsection (jj) thirty-eight of
6 section two hundred ten
7 CONSERVATION EASEMENT TAX AMOUNT OF CREDIT UNDER
8 CREDIT UNDER SUBSECTION (KK) SUBDIVISION FORTY-ONE OF
9 SECTION TWO HUNDRED TEN
10 Clean heating fuel credit Amount of credit under
11 under subsection (mm) subdivision thirty-nine of
12 section two hundred ten
13 Credit for rehabilitation Amount of credit under
14 of historic properties subdivision forty of
15 under subsection (oo) subsection two hundred ten
16 Credit for companies who Amount of credit under
17 provide transportation subdivision forty of
18 to individuals section two hundred ten
19 with disabilities
20 under subsection (oo)
21 S 4. This act shall take effect immediately and shall be made applica-
22 ble to taxable years commencing on and after January 1, 2009 and there-
23 after; provided, however that the empire state film production credit
24 under subsection (gg), the empire state commercial production credit
25 under subsection (jj) and the credit for companies who provide transpor-
26 tation to handicapped individuals under subsection (oo) of section 606
27 of the tax law contained in section three of this act shall expire on
28 the same date as provided in section 9 of part P of chapter 60 of the
29 laws of 2004, as amended, section 10 of part V of chapter 62 of the laws
30 of 2006, and section 5 of chapter 522 of the laws of 2006, as amended,
31 respectively.
